An auction for mineral rights on an unexploited oilfield can be characterized as
a. A common value auction
b. A private value auction
c. Highest value
d. None of the above
a
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Which of the following is likely to happen if consumption in an economy falls?
A) Asset prices rise. B) Mortgage defaults fall. C) Labor supply falls. D) Layoffs rise.
The maximum amount a rent seeker would pay for a monopoly is the ________
A) market price B) deadweight loss C) monopoly's economic profit D) monopoly's normal profit
If Canada has a comparative advantage relative to Mexico in the production of timber, then
A) the opportunity cost of production for timber is lower in Canada than in Mexico. B) the explicit cost of production for timber is lower in Canada than in Mexico. C) the implicit costs of production for timber are higher in Canada than in Mexico. D) the average cost of production for timber is lower in Canada than in Mexico.
Which of the following policies would reduce frictional unemployment?
A) implementing an unemployment insurance policy B) a decrease in the minimum wage C) a job retraining program D) building an online job database that helps workers find jobs